NORWICH – Failure to adequately plan for the death, disability or retirement of a key person can be the kiss of death for a business. Proactive planning can make the difference in whether a business can survive one of these challenges, according to a presentation given by M&T Bank’s Administrative Vice President Stephen Meyer recently in conjunction with Commerce Chenango.

Called businessKillers, the presentation highlighted six common mistakes made by businesses which can threaten the future of a company. By using short video vignettes, the program “brings emotion” to these topics which are relevant to all businesses, Meyer explained.

“The whole point is to dramatize … things that kill businesses,” he said, as he shared businessKillers with members of the local business community.

According to Meyer, M& T Bank uses the series, produced by Lighthouse Strategic Projects Group, throughout the six states in which it operates.

“It’s been extremely effective for us across the footprint,” he said. M&T Bank has one branch in Chenango County, located in Norwich. The Buffalo-based bank holding company operates in 6 states, and is ranked on the 2009 Fortune 1000 list of top American companies.

Based on his own experience, as well as the presentation, Meyer recommended having succession plans, buy/sell agreements, proper insurances, estate planning, tax strategies, retirement plans and exit strategies in place. He also stressed the importance of having a comprehensive business valuation, which he compared to a “physical for the business,” done on a regular basis.